Repligen Corporation · NASDAQ:RGEN
Repligen — J.P. Morgan 2026 Healthcare Conference
28 slides from Repligen's conference presentation, Jan 13, 2026
Slide 1: J.P. Morgan 2026 Healthcare Conference
J.P. Morgan 2026 Healthcare Conference Olivier Loeillot President and Chief Executive Officer January 13, 2026
Slide 2: Safe Harbor / Non-GAAP financial measures
Safe Harbor / Non-GAAP financial measures This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements in this presentation which are not strictly historical statements including, without limitation, express or implied statements or guidance reg
Slide 3: Who is Repligen: Pure-Play Bioprocessing Company Focused on Innovation
Who is Repligen: Pure-Play Bioprocessing Company Focused on Innovation Ticker | RGEN (NASDAQ) HQ | Waltham, MA Industry | Bioprocessing pure-play Employees | ~2,000 Footprint | US/EU Dual Mfg. Revenue | $733M1 1midpoint of FY25 guidance Our To be the global innovation leader in bioprocessing with an
Slide 4: Key Takeaways
Key Takeaways Innovative Technology We play in a large bioprocessing market. Our technology allows us to differentiate Gives Us Right to Win against larger competitors. Diversified Portfolio Diversified across customers, modalities, and our unique product portfolio. Multiple Levers to Growth strateg
Slide 5: Innovative Technology Gives Us Right to Win
Innovative Technology Gives Us Right to Win 5
Slide 6: Innovative Technologies and Broad Portfolio Gives us a Right to Win
Innovative Technologies and Broad Portfolio Gives us a Right to Win Franchises Spanning the Bioprocessing Workflow How We Win Fluid Hollow Fiber Management Filtration ATF Innovation Our products Downstream TangenX® Systems enable yield gains, cost OPUS® LS efficiencies & Broad Portfolio OPUS® PD spe
Slide 7: History of Above Market Growth; Long Runway in Large & Growing Market
History of Above Market Growth; Long Runway in Large & Growing Market A long history of above market growth… …and continued opportunity given sizable bioprocessing market ($20B+) Revenue by Year Repligen Addressable Market $733M1 $13B+ 18% CAGR 4X Increase $270M ~$3B 2019 2025e 2019 2025 ✓ Our innov
Slide 8: Our Broad & Diversified Offering
Our Broad & Diversified Offering 8
Slide 9: Over the Last Decade, We Have Diversified the Business
Over the Last Decade, We Have Diversified the Business Customers Franchise Modality New modalities 5% Other Proteins mAbs Customers 70% Top 3 95% 2015 Customers 33% 2015 Chroma 2015 11% 67% Filtration 19% New modalities Chroma 16% Top 10 mAbs Filtration 21% Customers Other 84% 56% Analytics 2025e 35
Slide 10: One of the Broadest Portfolios in Bioprocessing Industry
One of the Broadest Portfolios in Bioprocessing Industry 10
Slide 11: Multiple Levers to Outpace Industry Growth
Multiple Levers to Outpace Industry Growth 11
Slide 12: Multiple Levers to Continue Outpacing Market Growth Over the Medium-Term
Multiple Levers to Continue Outpacing Market Growth Over the Medium-Term Create solutions Increase our position Leverage mix for unmet needs that in existing markets through by growing commercial expand the overall market commercial execution revenues and exposure to new modalities ✓ Technology crea
Slide 13: Innovating Solutions that Create New Markets
Innovating Solutions that Create New Markets 2021 2022 2023 2024 2025 ~80% of portfolio is differentiated Trailing 3-year NPI Revenue Most of our products face limited competition (e.g. As a % of total revenue ATF, OPUS, PAT) By focusing on customer needs (yield gains, costs), ~12% we deliver breakt
Slide 14: Creating Solutions with Our Digitization Strategy: A Multi-Year Journey
Creating Solutions with Our Digitization Strategy: A Multi-Year Journey Step 1: Built Out Process Analytical Technologies (PAT) Offering C Technologies and the 908 bioprocessing assets acquisition bring us best-in-class PATsmart portfolio in both downstream and upstream. Step 2: Integrate PAT Into S
Slide 15: Increasing our Position in Existing Markets Through Commercial Excellence
Increasing our Position in Existing Markets Through Commercial Excellence Commercial execution and cross-selling entire Under-indexed to APAC, especially China … portfolio with a focus on key accounts investing further in the region Average # of product lines purchased by key Revenue Mix (2025e) acc
Slide 16: Leveraging Mix by Growing Commercial Revenues & Exposure to New Modalities
Leveraging Mix by Growing Commercial Revenues & Exposure to New Modalities Increasing commercial mix as programs advance Product portfolio well-suited for ADCs, mRNA, and as we capture late-stage opportunity cell and gene therapy Revenue Mix by stage of development Revenue Mix (2025e) by modality Ne
Slide 17: Market Growth + Multiple Levers to Outpace Market = Doubling the Business
Market Growth + Multiple Levers to Outpace Market = Doubling the Business ~2x RGEN Target: +5% Above Market 8%-12% Bioprocessing + Innovative solutions Market Growth + Increase position $733M1 + Mix benefits + mAb’s high-single digit growth + Accretive new modalities growth 2025e 2030 1 Midpoint of
Slide 18: Committed to Margin Expansion
Committed to Margin Expansion 18
Slide 19: Roadmap to ~30% Adj. EBITDA Margin
Roadmap to ~30% Adj. EBITDA Margin Multiple levers to drive margin expansion over the medium term ~30% Manufacturing Productivity & ✓ Targeting 100+ bps of annual GM Volume Site expansion … path to mid to high 50%’s Leverage on Optimization Fixed Price/Mix Manufacturing OpEx Leverage From: (1) Volum
Slide 20: Selective Investments for Growth and to Continue our Fit for Growth Journey
Selective Investments for Growth and to Continue our Fit for Growth Journey Growth Investments Fit for Growth Journey 1 〉 R&D spending to launch Progress to Date 2026+ Priorities innovative products ✓ Continued build out of • Continue build out of leadership in 2025 bench 2 〉 Commercial investments
Slide 21: Delivering on Strategic Priorities
Delivering on Strategic Priorities 21
Slide 22: Delivered on Our Key Priorities in 2025
Delivered on Our Key Priorities in 2025 Priorities How We Delivered in 2025 Framework for 2026 Midpoint of guidance calls for ~15% 1 Above-market growth organic non-COVID growth, outpacing market Execute growth algorithm: cross- selling, key accounts, APAC Continued gross margin expansion & 2 Expand
Slide 23: Delivered on Our Key Priorities in 2025 … Our Goals for 2026 Remain the Same
Delivered on Our Key Priorities in 2025 … Our Goals for 2026 Remain the Same Priorities How We Delivered in 2025 Framework for 2026 • Midpoint of guidance calls for ~15% 1 Above-market growth organic non-COVID growth, outpacing market Execute growth algorithm: cross- selling, key accounts, APAC Cont
Slide 24: Thank you
Thank you www.repligen.com 24
Slide 25: Appendix
Appendix @) REPLIGEN 25
Slide 26: Creating Solutions with Technology & Company Acquisitions ... Key Capital Allocation Priority
Creating Solutions with Technology & Company Acquisitions ... Key Capital Allocation Priority M&A Criteria Select Acquisitions & Investments Technology Differentiated, flexible, scalable Filtration First Complementary or adjacency Fluid Adds to or leverages capabilities Management Strategic Expands
Slide 27: 2025 Guidance
2025 Guidance FY25 Financial Guidance Adjusted (non-GAAP) Current Prior October 28, 2025 July 29, 2025 Revenue $729M to $737M $715M to $735M Reported Growth 15% - 16% 13% - 16% Organic Growth 12% - 13.5% 10.5% - 13.5% Organic, Non-COVID Growth 14% - 15.5% 12.5% - 15.5% Non-COVID Growth 17% - 18% 15%
Slide 28: 2025 Guidance Reconciliation – Earnings Per Share
2025 Guidance Reconciliation – Earnings Per Share 28